dear sir
I have taken Unsecured Loans From my Family members since Last 10years now it's more then my capital .my Doubt is can take all Unsecured lone as gift in next IT
Please suggest me
thanks in Advance
Unsecured Loans From Family
Replies (1)
Assuming that outstanding amount of said unsecured loan is more Rs. 20,000/-, this would contravene section 269T of Income tax act and you are liable for penalty equivalent to 100% of said loan amount that you would adjust as gift. Consult your CA and route this properly in compliance with income tax act to avoid penalty.
Regards,
Manoj
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